ACCT Ethics CH 5-8

People everywhere depend on ethical systems to tell them whether their actions are:

Right or wrong

Business executives are finding that a trusting, ethical relationship with a business partner is:

Often essential in conducting business

According to a 2013 opinion poll, Americans hold a dim view of :

Business Executives

Which statement characterizes the moral reasoning typically found in a child?

“I’ll let you play with my toy if you let me play with yours”

Building ethical safeguards into a company’s everyday routines is called:

Institutionalizing Ethics

A giant step is taken toward improving ethical performance throughout the company when:

Senior-level managers signal to employees that they believe ethics is a high priority

Which type of employee is most likely to report ethical issues in the workplace?

Executives

Recipients of the corporate ethics awards show that:

Firms can be financially successful and ethically focused

Which US Act prohibits executives representing US-based companies from paying bribes to foreign government officials, political parties, or political candidates?

The US Foreign Corrupt Practices Act

Which of the following is NOT a characteristic behavior illustrating the fiduciary duty of the board of directors?

Representing the interests of all stakeholders

The 2012 State of Compliance Study of PwC indicates that:

About the same percentage of compliance officers report to the audit committee as to the general counsel

What non GAAP accounting method did Tony Menendez cite in blowing the whistle on Halliburton?

Bill and hold revenue recognition

In the Bhopal case, in evaluating its exposure to possible future liability due to technology failures, Union Carbide used which of the following concepts?

Business Risk

Jodie Fisher’s allegations of sexual harassment are made believable due to Mark Hurd’s:

All of the above
(Conflict of interests, misuse of company assets, and inaccurate expense reports)

The committee that first recommended that the profession institute a voluntary program for peer review was:

Metcalf Committee

Impairments of independence can occur when:

All of the above
(A CPA owns a direct financial interest in a client, a CPA owns a material indirect financial interest in a client, and Immediate family members of the CPA are in violation of the independence rules)

An unacceptable threat to independence occurs when a CPA performs nonaudit services for an audit client unless the CPA:

Accepts management’s responsibility for the services

An alternative practice structure can best be described as:

A form of structure where a public company provides nonattest services for a client that is also provided with attest services by an affiliate of the public company

Michael has been approached by the CEO of an audit client and offered two tickets to the FIFA tournament during the RIO 2016 Olympic Games. The CEO knows that Michael’s wife is from RIO and thought this was a nice way to thank him for twenty-years of excellent professional services. From an ethical perspective in deciding whether to accept the gift Michael should consider whether:

Threats created by the gifts are at an acceptable level

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